UBS News Alert

UBS announced today the appointment of David Aufhauser to the position of Global General Counsel for UBS's Investment Bank and to UBS General Counsel, North America.

He will succeed Bob Dinerstein, who has informed the firm of his decision to step down from his current role, having reached UBS's customary retirement age. In order for UBS to continue to benefit from Bob Dinerstein's experience and counsel, he will be appointed Vice-Chairman of the Investment Bank, Americas, and will con-tinue to be a member of the Investment Bank Board.

In his new role, effective as of September 1, 2004, David Aufhauser will report to John Costas, Chairman and Chief Executive of UBS's Investment Bank, and Peter Kurer, Group General Counsel of UBS. David Aufhauser will be a member of the UBS Group Managing Board.

David Aufhauser was previously General Counsel of the U.S. Department of the Treasury, providing legal counsel in the areas of banking, international finance, securities, taxation, trade and enforcement. He also served on the U.S. President's Corporate Fraud and Abuse Task Force at the Department of Justice, as counsel to the President's Working Group on Financial Markets, the Federal Financing Bank and the Committee on Foreign Investments.

John Costas, commenting on David Aufhauser's appointment, said:

"David brings with him a wealth of experience and insight in today's complex financial and legal environment. His appointment ensures that the UBS name and franchise, both in global investment banking and in North America, continues as one of the strongest in the market."

Commenting on Bob Dinerstein's contribution to the firm and his appointment to Vice Chairman, John Costas said:

"Bob's senior advisory position as Vice Chairman reflects the importance of his experience. In his long and successful career, he has been instrumental in building the Investment Bank's legal department to one of the strongest in the market. We thank him for his highly valuable contribution and look forward to working with him in his new role."

After finishing law school in 1977, David Aufhauser joined Washington law firm William & Connolly LLP where he worked as a securities litigator for most of his career, with an increasing emphasis on broader regulatory and policy issues over the years.

Between March 2001 and November 2003, Mr. Aufhauser was General Counsel of the U.S. Department of the Treasury. Mr. Aufhauser supervised 1600 lawyers in the Department's Banking & Finance, International Affairs and Enforcement groups, and in the Internal Revenue Service, the U.S. Bureau of Customs, the Bureau of Alcohol, Tobacco and Firearms, the Office of Foreign Asset Controls, the Financial Crimes Enforcement Network, the Office of Terrorist Financing, the U.S. Mint, the Bureau of Public Debt, the Financial Management Service, and the Bureau of Printing and Engraving.

In addition to his responsibilities as General Counsel of the Department, Mr. Aufhauser also served on the President's Corporate Fraud and Abuse Task Force at the Department of Justice, as counsel to the President's Working Group on Financial Markets, the Federal Financing Bank and the Committee on Foreign Investments in the US, and as a senior policy maker on the National Security Council.

David Aufhauser rejoined William & Connolly LLP in 2004 where he provided counsel on compliance and litigation advice in finance, securities, tax, trade and federal regulatory matters.

He is a Senior Fellow at the Center for Strategic & International Studies and a member of the Council on Foreign Relations.